First Horizon Corporation (NYSE:FHN) Receives $26.58 Average Price Target from Brokerages

Shares of First Horizon Corporation (NYSE:FHN) have been given a consensus rating of “Moderate Buy” by the twenty ratings firms that are presently covering the stock, Marketbeat.com reports. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $26.5789.

A number of research firms recently issued reports on FHN. DA Davidson raised their price objective on shares of First Horizon from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, January 16th. The Goldman Sachs Group set a $27.00 price target on shares of First Horizon and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Wells Fargo & Company cut their price objective on shares of First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a research report on Thursday, October 16th. JPMorgan Chase & Co. upped their price objective on First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 16th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on First Horizon in a report on Tuesday, December 16th. They issued a “buy” rating and a $28.00 target price on the stock.

First Horizon Stock Performance

Shares of FHN opened at $25.72 on Friday. The firm has a market capitalization of $12.66 billion, a P/E ratio of 13.68, a PEG ratio of 0.93 and a beta of 0.63. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon has a one year low of $15.19 and a one year high of $25.79. The business has a fifty day moving average of $23.94 and a 200 day moving average of $22.67.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.06. The business had revenue of $892.00 million for the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same period last year, the firm posted $0.43 earnings per share. As a group, sell-side analysts anticipate that First Horizon will post 1.67 EPS for the current year.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, March 13th. This is an increase from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s payout ratio is presently 31.91%.

First Horizon declared that its Board of Directors has initiated a share buyback plan on Monday, October 27th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at First Horizon

In other news, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the completion of the sale, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at $2,796,329.24. This represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the sale, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.04% of the company’s stock.

Institutional Investors Weigh In On First Horizon

A number of institutional investors have recently bought and sold shares of the business. Navigoe LLC purchased a new position in shares of First Horizon in the third quarter valued at about $25,000. Atlantic Union Bankshares Corp purchased a new stake in shares of First Horizon during the third quarter worth about $25,000. Root Financial Partners LLC bought a new stake in First Horizon during the 3rd quarter valued at approximately $31,000. Kestra Investment Management LLC lifted its holdings in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,458 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.